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Oil drops as demand shows signs of slowing with price near $80

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil eased on Wednesday after a rise in U.S. crude inventory added to signs demand may be slowing in spite of ongoing output cuts by producer group OPEC and imminent U.S. sanctions against Iran.Brent crude futures were last down 65 cents at $77.78 a barrel by 1147 GMT, while U.S. crude futures fell 32 cents to $70.99 a barrel, leaving the spread between the two just shy of a 2015 high of $7 a barrel.Physical crude markets are sagging under the weight of unsold barrels of oil, while the 50-percent rise in the oil price in the last year is encouraging major ...

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First Published: Wed, May 16 2018. 17:30 IST
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